Breaking silos: agile insurance in an uncertain world

Insurance underpins the world’s economies, providing a bedrock to society. Yet the pressure on its foundations is increasing. As the risk landscape becomes more complex, market shocks become less predictable, and the pace of societal change accelerates, the traditional rules of profit and loss, asset and liability can quickly unravel. Issues such as climate change, mounting cyber threats, regulatory pressures and evolving customer expectations are reshaping the market landscape. At the same time, insurers face growing cost pressures and talent shortages that make adaptation and innovation ever more urgent.

Risk.net’s global survey of more than 350 senior insurance leaders reveals a sector determined to rise to these challenges, but one that is sometimes hampered by strategic and operational disconnects, siloed, overlayered decision-making and a lack of analytical insight.

Among the key findings:

• Only 63% believe their organisation’s structure, processes and technology are fully aligned to support its strategy.
• Just 62% say they have a real-time, 360° view of the risks, revenues and costs across the business.
• One in five leaders (21%) admit they are neither aware nor concerned about how decisions elsewhere in the business impact their own area.

The research exposes gaps between areas such as underwriting, claims, finance and technology – and highlights the cultural, data and governance changes required to overcome them. Featuring insights from insurance leaders worldwide, the report reveals how insurers are tackling structural inertia, rebuilding trust in data, and using artificial intelligence and analytics to accelerate transformation.

Read the full report to discover how leading insurers are closing the gap between vision and execution.